Shuaa Capital begins consolidation after buying Kuwait’s Amwal

Shuaa Capital is based in Emirates Towers, Dubai. (Shutterstock)
Updated 16 December 2018
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Shuaa Capital begins consolidation after buying Kuwait’s Amwal

LONDON: The Dubai-based financial services firm Shuaa Capital has started “consolidation efforts” following its acquisition of the Kuwait-based Amwal International Investment Company, according to a statement.
The move follows the recent completion of a public tender process, and Amwal shareholders’ general assembly on Dec. 12, according to a statement from UAE state news agency WAM.
Shuaa said earlier this year that it had struck a deal to boost its stake in Amwal to more than 87 percent.
Amwal’s key subsidiary is Noor Capital Markets, a brokerage with operations in Kuwait, Abu Dhabi, Turkey and Jordan.
Fawad Tariq-Khan, CEO of Shuaa Capital, said the acquisition will allow his company to boost its presence in some of those markets.
“The commencement of this consolidation exercise represents the culmination of our efforts in establishing a broad geographic footprint across the region’s strongest markets. From our heritage in the UAE, and now in our six well-placed jurisdictions, we are well positioned to tap into a diverse range of growing markets,” he said. “We are excited about the potential to take our expertise into Kuwait, Turkey and Jordan, as well as bringing Noor Capital Markets’ services and offerings to our home territories. We believe that we have a winning combination which will support our continued transformation on the path to sustainable profitability.”
Khurram Sayeed, CEO of Noor Capital Markets, said the consolidation had “tremendous prospects” for the businesses.


US grants Iraq sanctions waiver for Iranian electricity imports

Updated 15 June 2019
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US grants Iraq sanctions waiver for Iranian electricity imports

  • Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector

The United States has allowed Iraq to import Iranian gas for its power grid for another three months by extending a waiver to sanctions — but insists that Baghdad seek alternative sources.
Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector forbidding countries from purchasing Iranian energy.
“An additional 120-day waiver was granted to allow Iraq to continue to pay for electricity imports from Iran,” the US State Department said.
An Iraqi government source said the extension was given during a phone call between Prime Minister Adel Abdul Mahdi and US Secretary of State Mike Pompeo.
The State Department said the United States continued to insist on “diversifying energy imports away from Iran,” however.
President Donald Trump’s administration has said oil-rich Iraq must become more self-reliant for its electricity, including by harnessing gas energy and reducing flaring at oil production sites.
US energy giant General Electric is in the running to win a large share of multibillion-dollar contracts to rebuild Iraq’s electricity system amid intense US lobbying efforts.
Washington reimposed sanctions on Iran’s oil industry in November, citing concerns about its nuclear program and what it said was its meddling in the Middle East.
Iraqi officials have said they might need years to wean the country of Iranian power.
Iraq relies heavily on Iranian gas to feed several power stations, importing roughly 1.5 billion standard cubic feet per day via pipelines in the south and east.
Washington wants to roll back Iranian influence in the Middle East, including in Iraq, where Tehran holds broad sway over politics and trade.
Although Iraq has one of the world’s largest natural gas reserves, it has moved slowly to develop them and has relied on Iran to supply it with gas and electricity.